Pattern formed – Bullish Cypher
Potential Reversal Zone (PRZ) – 9250
The index has made a high of 9926 and declined till 9715 from that level. It is currently trading around 9763.
Short term trend is still weak as long as resistance 9925. Break above 9925 confirms further bullishness, a jump till 10165/10400 is possible.
On the downside major support is around 9720 (200 day MA) and break below targets 9605/9540/9420.
Overall trend reversal only below 9250.
Major resistance is around 9820 and break above targets 9900/9925.
It is good to sell on rallies around 9800 with SL around 9925 for the TP of 9605/9525.
Potential Reversal Zone (PRZ) – 9250
The index has made a high of 9926 and declined till 9715 from that level. It is currently trading around 9763.
Short term trend is still weak as long as resistance 9925. Break above 9925 confirms further bullishness, a jump till 10165/10400 is possible.
On the downside major support is around 9720 (200 day MA) and break below targets 9605/9540/9420.
Overall trend reversal only below 9250.
Major resistance is around 9820 and break above targets 9900/9925.
It is good to sell on rallies around 9800 with SL around 9925 for the TP of 9605/9525.
